Safe & Green secures $600,000 advance against IRS employee retention tax refund

Safe & Green Holdings announced the Company has secured a $600,000 advance against the recently announced $1.5 million refund from the IRS for the Employee Retention Tax Credit, ERTC, which is a refundable credit. The timing of the receipt of the refund is unknown and is reliant upon the processing times of the IRS and the Company’s Professional Employer Organization. “This initial $600,000 advance against the $1.5 million refund for the ERTC is non-dilutive and material to our business,” stated Paul Galvin, Chairperson and CEO of Safe & Green Holdings. “The advance will assist our efforts to capitalize on growth opportunities, including ramping up our factories in preparation for a significant purchase order the Company expects to receive in the near future. We expect the investments in our manufacturing made possible by this advance will not only support upcoming projects, but also contribute to job growth within our local communities.”